ADEM CONSTRUCT
ActiveSummary
ADEM CONSTRUCT has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €708k and a net result of €111k. Equity is growing by ~8.8% per year across the filed fiscal years. Its solvency ranks better than 31% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability61▼-11
Solvency34▼-5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity short (current ratio 0.29 against 0.47 in 2024; short-term debt: 12% and cash: 0% of total assets), and 90.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
9.2%
Return on assets
1.4%
Age of the figures
15 mo
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 13-02-2026, 13 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
1 d early
2023
23 d early
2022
2 d early
2021
3 d late
2020
40 d early
2019
10 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€708k▲ 18.6%
2024 · €597k
2019: €392klowest in 7 years
2020: €426k▲ +8.8% vs 2019
2021: €459k▲ +7.7% vs 2020
2022: €465k▲ +1.3% vs 2021
2023: €487k▲ +4.6% vs 2022
2024: €597k▲ +22.8% vs 2023
2025: €708k▲ +18.6% vs 2024highest in 7 years
2019 → 2025
Total assets
€7.72M▲ 75.6%
2024 · €4.40M
2019: €873k
2020: €859k▼ -1.6% vs 2019lowest in 7 years
2021: €2.66M▲ +210% vs 2020
2022: €2.10M▼ -21.0% vs 2021
2023: €3.66M▲ +74.1% vs 2022
2024: €4.40M▲ +20.2% vs 2023
2025: €7.72M▲ +75.6% vs 2024highest in 7 years
2019 → 2025
Net result
€111k▲ 0.4%
2024 · €111k
2019: €-14klowest in 7 years
2020: €34k▲ +338% vs 2019
2021: €33k▼ -4.4% vs 2020
2022: €6k▼ -82.3% vs 2021
2023: €21k▲ +267% vs 2022
2024: €111k▲ +419% vs 2023
2025: €111k▲ +0.4% vs 2024highest in 7 years
2019 → 2025
Working capital
€-653k▼ 116%
2024 · €-302k
2019: €-78k
2020: €-67k▲ +14.0% vs 2019highest in 7 years
2021: €-489k▼ -627% vs 2020
2022: €-325k▲ +33.6% vs 2021
2023: €-521k▼ -60.6% vs 2022
2024: €-302k▲ +42.1% vs 2023
2025: €-653k▼ -116% vs 2024lowest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€459k-€465k▲ 1.3%€487k▲ 4.6%€597k▲ 22.8%€708k▲ 18.6%
2021: €459klowest in 5 years
2022: €465k▲ +1.3% vs 2021
2023: €487k▲ +4.6% vs 2022
2024: €597k▲ +22.8% vs 2023
2025: €708k▲ +18.6% vs 2024highest in 5 years
Operating result€64k-€28k▼ 55.7%€77k▲ 175%€220k▲ 185%€277k▲ 25.7%
2021: €64k
2022: €28k▼ -55.7% vs 2021lowest in 5 years
2023: €77k▲ +175% vs 2022
2024: €220k▲ +185% vs 2023
2025: €277k▲ +25.7% vs 2024highest in 5 years
Net result€33k-€6k▼ 82.3%€21k▲ 267%€111k▲ 419%€111k▲ 0.4%
2021: €33k
2022: €6k▼ -82.3% vs 2021lowest in 5 years
2023: €21k▲ +267% vs 2022
2024: €111k▲ +419% vs 2023
2025: €111k▲ +0.4% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 26% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.72M
Fixed assets
€7.45M ▲ 80.3%
Current assets
€273k ▲ 2.4%
Equity and liabilities €7.72M
Equity
€708k ▲ 18.6%
Debt
€7.02M ▲ 84.5%
Debt's share of the balance-sheet total rises from 86.4% to 90.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€568k▲
2024 · €485k
Cash flow
€402k▲
2024 · €376k
Current ratio
0.29▼
2024 · 0.47
Debt to equity
9.90▲
2024 · 6.37
ROE
15.7%▼
2024 · 18.5%
ROA
1.4%▼
2024 · 2.5%
Interest coverage
4.91▼
2024 · 6.81
Debt ≤ 1 year
€926k▲
2024 · €568k
Debt > 1 year
€6.09M▲
2024 · €3.23M
Income taxes
€50k▲
2024 · €38k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€4.40M€7.72M▲
Fixed assets21/28€4.13M€7.45M▲
Tangible fixed assets22/27€4.13M€7.45M▲
Land and buildings22€3.96M€7.39M▲
Furniture and vehicles24€175k€64k▼
Current assets29/58€266k€273k▲
Amounts receivable within one year40/41€252k€154k▼
Trade receivables40€252k€140k▼
Other amounts receivable41€9€13k▲
Cash at bank and in hand54/58€14k€121▼
Deferred charges and accrued income490/1-€119k
Equity and liabilities
Total equity and liabilities10/49€4.40M€7.72M▲
Equity10/15€597k€708k▲
Contributions10/11€6k€6k=
Reserves13€591k€702k▲
Distributable reserves133€591k€702k▲
Amounts payable17/49€3.80M€7.02M▲
Amounts payable after more than one year17€3.23M€6.09M▲
Financial debts170/4€3.23M€6.09M▲
Amounts payable within one year42/48€568k€926k▲
Current portion of amounts payable after more than one year42€472k€822k▲
Financial debts43€21k€15k▼
Credit institutions430/8€21k€15k▼
Trade debts44€9k€49k▲
Suppliers440/4€9k€49k▲
Taxes, remuneration and social security45€32k€15k▼
Taxes450/3€32k€250▼
Remuneration and social security454/9-€15k
Other amounts payable47/48€34k€26k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€265k€291k▲
Other operating charges640/8€33k€45k▲
Gross operating margin9900€518k€613k▲
Operating profit (loss)9901€220k€277k▲
Financial income75/76B-€1
Recurring financial income75-€1
Financial charges65/66B€71k€116k▲
Recurring financial charges65€71k€116k▲
Profit (loss) for the period before taxes9903€149k€161k▲
Income taxes67/77€38k€50k▲
Profit (loss) for the period9904€111k€111k▲
Profit (loss) for the period to be appropriated9905€111k€111k▲
Appropriation of the result
Profit (loss) to be appropriated9906€111k€111k▲
Transfer to equity691/2€111k€111k▲
To other reserves6921€111k€111k▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €12k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €142k | €198k | €261k | €265k | €291k | ▲ 9.8% |
| Other operating charges640/8 | - | €30k | €31k | €33k | €45k | ▲ 35.8% |
| Gross operating margin9900 | €221k | €256k | €370k | €518k | €613k | ▲ 18.2% |
| Operating profit (loss)9901 | €64k | €28k | €77k | €220k | €277k | ▲ 25.7% |
| Financial income75/76B | - | €1 | €0 | - | €1 | - |
| Recurring financial income75 | - | €1 | €0 | - | €1 | - |
| Financial charges65/66B | - | €7k | €41k | €71k | €116k | ▲ 62.3% |
| Recurring financial charges65 | €13k | €7k | €41k | €71k | €116k | ▲ 62.3% |
| Profit (loss) for the period before taxes9903 | €50k | €22k | €36k | €149k | €161k | ▲ 8.2% |
| Transfer from deferred taxes780 | - | €5k | €4k | - | - | - |
| Income taxes67/77 | €22k | €21k | €18k | €38k | €50k | ▲ 30.8% |
| Profit (loss) for the period9904 | €33k | €6k | €21k | €111k | €111k | ▲ 0.4% |
| Transfer from tax-exempt reserves789 | - | €10k | €7k | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €43k | €15k | €28k | €111k | €111k | ▲ 0.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.66M | €2.10M | €3.66M | €4.40M | €7.72M | ▲ 75.6% |
| Fixed assets21/28 | €2.36M | €1.98M | €3.63M | €4.13M | €7.45M | ▲ 80.3% |
| Tangible fixed assets22/27 | €2.36M | €1.98M | €3.63M | €4.13M | €7.45M | ▲ 80.3% |
| Land and buildings22 | - | €1.52M | €3.33M | €3.96M | €7.39M | ▲ 86.7% |
| Furniture and vehicles24 | - | €458k | €294k | €175k | €64k | ▼ 63.6% |
| Current assets29/58 | €300k | €127k | €32k | €266k | €273k | ▲ 2.4% |
| Amounts receivable within one year40/41 | €156k | €109k | €21k | €252k | €154k | ▼ 39.1% |
| Trade receivables40 | - | €109k | €21k | €252k | €140k | ▼ 44.4% |
| Other amounts receivable41 | - | €9 | €9 | €9 | €13k | ▲ 143,709% |
| Cash at bank and in hand54/58 | €144k | €18k | €11k | €14k | €121 | ▼ 99.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €119k | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.66M | €2.10M | €3.66M | €4.40M | €7.72M | ▲ 75.6% |
| Equity10/15 | €459k | €465k | €487k | €597k | €708k | ▲ 18.6% |
| Contributions10/11 | - | €6k | €6k | €6k | €6k | = |
| Reserves13 | €453k | €459k | €480k | €591k | €702k | ▲ 18.8% |
| Non-distributable reserves130/1 | - | €2k | - | - | - | - |
| Reserves not available under the articles1311 | - | €2k | - | - | - | - |
| Tax-exempt reserves132 | - | €7k | - | - | - | - |
| Distributable reserves133 | - | €450k | €480k | €591k | €702k | ▲ 18.8% |
| Provisions and deferred taxes16 | €9k | €4k | - | - | - | - |
| Deferred taxes168 | - | €4k | - | - | - | - |
| Amounts payable17/49 | €2.19M | €1.63M | €3.17M | €3.80M | €7.02M | ▲ 84.5% |
| Amounts payable after more than one year17 | €1.40M | €1.18M | €2.62M | €3.23M | €6.09M | ▲ 88.3% |
| Financial debts170/4 | - | €1.18M | €2.62M | €3.23M | €6.09M | ▲ 88.3% |
| Amounts payable within one year42/48 | €789k | €452k | €554k | €568k | €926k | ▲ 63.0% |
| Current portion of amounts payable after more than one year42 | - | €272k | €408k | €472k | €822k | ▲ 74.3% |
| Financial debts43 | - | - | - | €21k | €15k | ▼ 30.5% |
| Credit institutions430/8 | - | - | - | €21k | €15k | ▼ 30.5% |
| Trade debts44 | €2k | €3k | €10k | €9k | €49k | ▲ 431% |
| Suppliers440/4 | - | €3k | €10k | €9k | €49k | ▲ 431% |
| Advances received on contracts in progress46 | - | €47k | €47k | - | - | - |
| Taxes, remuneration and social security45 | - | €41k | €32k | €32k | €15k | ▼ 52.9% |
| Taxes450/3 | - | €41k | €22k | €32k | €250 | ▼ 99.2% |
| Remuneration and social security454/9 | - | - | €10k | - | €15k | - |
| Other amounts payable47/48 | - | €88k | €57k | €34k | €26k | ▼ 24.8% |
| Accrued charges and deferred income492/3 | - | €4k | €4k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33k | €6k | €21k | €111k | €111k | ▲ 0.4% |
| + Depreciation and write-downs630 | €142k | €198k | €261k | €265k | €291k | ▲ 9.8% |
| Operating cash flow (approximation) | €175k | €204k | €283k | €376k | €402k | ▲ 7.1% |
| Investment in fixed assets (approximation) | - | €188k | €-1.91M | €-770k | €-3.61M | ▼ 369% |
| Change in cash | - | €-126k | €-7k | €3k | €-14k | ▼ 524% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 13 days late
2025
30-06
Financial
Highest result since 2019net €111k ▲0.4%
Operating result €277k, net result €111k, both a record.
30-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Equity above €500kEq €597k ▲22.8%
5 profitable years in a row build equity to €597k.
08-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
03-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 3 days late
2020
22-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-06
Financial
Back to profitnet €34k
Net result €34k after one loss-making year.
10-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 10 days late
2019
29-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
07-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 7 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Lokeren · 1 establishment unit since 2009
Ground area
3,577 m²
Building footprint
1,120 m²
Volume, LiDAR
8,298 m³
Parcel 46014A0200/00E000, Flanders · tallest building 9.0 m, ±2 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Adem Construct
since 20092.177.011.976
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46014A0200/00E000 | Flanders | 3,577 m² | 1 · 1,120 m² | 9.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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VADIMMO
BE 0475.654.742
Leuven · Eq €708,673
IMMO HAC
BE 0674.662.912
Mons · Eq €707,682
AZ VASTGOED
BE 0449.613.311
Tielt · Eq €709,589
Of 7,326 companies in sector 68110 we hold annual accounts for 5,385. 3,487 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded30-01-2009
Fiscal year end30-06
Activities, NACEBEL 2025
68110Buying and selling of own real estate
43120Site preparation
Scores and ratios are computed by Checked and are not a credit decision.